Finance Official Quits Over Tax Break Proposal

Dr. Michael Sarel, head of Economics and State Revenues Administration at the Ministry of Finance quit on Wednesday in protest of Finance Minister Yair Lapid's tax break proposal. "I am against the decision to introduce tax benefits for the purchase of residential apartments," Sarel stated in his official resignation letter. He thanked his staff and stated that he was proud to work on behalf of the ministry, but added he was leaving because Lapid's proposal was the latest in a long list of ideas of which he adamantly disagreed. He stated that the proposed VAT (value added tax) exemption for first-time buyers was a terrible idea that would result in higher real-estate prices in the long-run.

Others came out against the proposal because it would only apply to young couples with children of whom at least has served in the army.